In order to improve the transparency of its stablecoin back to the Colombian peso, Wenia incorporates Chainlink’s Proof of Reserve.
Wenia, a digital asset company that is part of the Bancolombia Group, has incorporated Chainlink’s Proof of Reserve (PoR) to improve the transparency of its Colombian peso-backed stablecoin (COPW). It is the objective of the integration to safeguard against potential infinite mint assaults and to offer users real-time visibility into the stablecoin’s reserves.
“This initiative represents a significant milestone in Colombia’s digital asset landscape, emphasizing the increasing incorporation and integration of cryptocurrencies into the country’s financial ecosystem,” stated Pablo Arboleda, CEO of Wenia. “
The announcement indicates that the collaboration is intended to address the increasing demand for stablecoins in Colombia, where they comprise 31% of crypto acquisitions. Colombia ranks 32nd globally and 4th in Latin America for crypto adoption, with an estimated $200 million in monthly crypto transactions recorded.
Chainlink Labs’ Global Head of Banking and Capital Markets, Angela Walker, expressed her enthusiasm for the opportunity to offer end-to-end transparency for Wenia’s Colombian Peso stablecoin reserves and to safeguard its users from infinite mint attacks.
It is important to note that Bancolombia is the largest bank in Colombia, with nearly $9 billion in assets and nearly 16 million customers, according to data from Statista. Users can now directly purchase, trade, and convert COPW to Bitcoin, Ethereum, MATIC, and USDC within the Wenia App, which is a crypto-focused company.
Furthermore, the organization intends to broaden its partnership with Chainlink to encompass Price Feeds for market data and CCIP for cross-chain interoperability.
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